GIFT Nifty traded up by 7 points or 0.03% at 24,462.50 indicating a lacklustre opening for domestic indices NSE Nifty 50 and BSE Sensex. Here are the top stocks to watch on Friday July 26, 2024.
GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a lacklustre opening on Friday. Here’s a look at the key stocks to watch in trade.
Stocks in Focus: GIFT Nifty traded up by 7 points or 0.03% at 24,462.50 indicating a lacklustre opening for domestic indices NSE Nifty 50 and BSE Sensex on Friday. Previously, on Thursday, the NSE Nifty 50 ended down by 7.40 points or 0.03% to settle at 24,406.10 while the BSE Sensex fell 109.09 points or 0.14% to 80,039.80.
“After a volatile session, the Indian market concluded on a flat note, influenced by lower-than-expected earnings growth from major banks. Global indices also reacted pessimistically due to the disappointing results from top US tech companies,” said Vinod Nair, Head of Research, Geojit Financial Services.
Nair also added that the government’s commitment to improving consumption and bridging the gap for energy transition in the budget buoyed sectoral sentiments. Despite ongoing enthusiasm from retail investors in the broader market, the current high valuations are likely to prompt a shift towards large-cap stocks.
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Stocks to Watch on July 26, 2024
Tech Mahindra
The company reported a 28.8% growth in profit, reaching Rs 851.5 crore compared to Rs 661 crore. Revenue increased by 1% to Rs 13,005.5 crore, up from Rs 12,871.3 crore. EBIT saw a 16.5% jump, amounting to Rs 1,102.3 crore against Rs 946.4 crore, with margins expanding to 8.5% from 7.4%. In dollar terms, revenue rose by 0.7% to $1,559 million compared to $1,548 million. Notably, there was no impairment of goodwill and non-current assets, compared to Rs 308.7 crore in the previous period.
Motilal Oswal
Financial Services Company reported a 67.9% year-on-year increase in net profit, reaching Rs 883.6 crore for the first quarter ending June 30, 2024, up from Rs 526.1 crore in the same quarter of the previous year. Revenue from operations also saw a significant rise, jumping 54% to Rs 2,312.3 crore compared to Rs 1,501.5 crore in the corresponding period of the previous fiscal year.
DLF
Realty major DLF reported a 22.5% year-on-year increase in net profit, reaching Rs 644.7 crore for the first quarter ended June 30, 2024. In the corresponding quarter of the previous fiscal, the company posted a net profit of Rs 526.1 crore. Despite the profit rise, DLF’s revenue dipped by 4.3% to Rs 1,362.4 crore compared to Rs 1,423.2 crore in the same period last year.
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AU Small Finance Bank
Jaipur-based bank reported a 30% year-on-year increase in net profit, reaching Rs 502.6 crore for the first quarter ended June 30, 2024. In the corresponding quarter of the previous year, the bank posted a net profit of Rs 387 crore. The net interest income (NII) saw a significant jump of 54%, rising to Rs 1,920.5 crore from Rs 1,246 crore in the same period of FY24.
Jupiter Wagons
The mobility solutions provider reported a 46% year-on-year jump in net profit, reaching Rs 91.9 crore for the first quarter ended June 30, 2024. In the corresponding quarter of the previous year, the company posted a net profit of Rs 62.9 crore. Revenue increased by 16.8%, rising to Rs 879.9 crore compared to Rs 753.2 crore in the same period last year.
Ramco Cement
The company reported a 55% year-on-year decline in net profit, falling to Rs 35.5 crore for the first quarter ended June 30, 2024. In the corresponding quarter of the previous year, the company posted a net profit of Rs 79 crore.
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United Breweries
The beer maker reported a 27.5% year-on-year increase in net profit, reaching Rs 173.8 crore for the first quarter ended June 30, 2024. In the corresponding quarter of the previous year, the company posted a net profit of Rs 136.3 crore. Revenue increased by 8.8% to Rs 2,475.1 crore, compared to Rs 2,274.8 crore in the same period last year.
Chennai Petroleum Corporation
The company reported a 38% year-on-year decline in net profit, falling to Rs 342.6 crore for the first quarter ended June 30, 2024. In the corresponding quarter of the previous year, the company posted a net profit of Rs 548.32 crore. Revenue dipped by 3.5% to Rs 17,095 crore, compared to Rs 17,720.2 crore in the same period last year.
JM Financial
Financial Services Group reported a 6.2% year-on-year dip in net profit, totaling Rs 60.4 crore for the first quarter ended June 30, 2024. In the same quarter of the previous year, the company posted a net profit of Rs 64.4 crore. Revenue fell by 5.4% to Rs 219 crore, compared to Rs 231.6 crore in the corresponding period of the preceding fiscal.
Indus Tower
Telecom infrastructure firm Indus Towers announced that its board of directors will review a proposal for the buyback of fully paid-up equity shares during a scheduled meeting on July 30, 2024. This would be the company’s first share buyback since June 2016, when it operated under the name Bharti Infratel.
RBL Bank
EQT Private Capital Asia exited RBL Bank by selling its entire 7.89% stake in the private sector lender for ₹1,091 crore through an open market transaction. The shares were sold via a bulk deal on the BSE by EQT Private Capital Asia’s vehicle, Maple II BV.
Mankind Pharma
Pharmaceutical firm announced it will acquire a 100% stake in Bharat Serums and Vaccines Ltd (BSV) from Advent International for an enterprise value of approximately Rs 13,630 crore, subject to closing-related adjustments.
Sobha
Anamudi Real Estate LLP, a wholly owned entity of the Godrej family, is poised to sell 5% of its 9.9% stake in realty firm Sobha Ltd through block deals. The deal, estimated to be around $100 million, is expected to be priced at a 6% discount to the current market price (CMP).
SJVN
The company has received a Letter of Intent from the Government of Mizoram for the allotment of the Darzo Lui pumped storage project. The project, with an installed capacity of 2,400 MW, is estimated to cost Rs 13,947.50 crore upon completion.
Key earnings to watch today
IndusInd Bank, Power Grid Corporation, Shriram Finance, Cipla, InterGlobe Aviation, Bandhan Bank, Aarti Drugs, Amber Enterprises India, Cholamandalam Investment and Finance, City Union Bank, Equitas Small Finance Bank, ESAF Small Finance Bank, KEC International, KFin Technologies, Latent View Analytics, Nuvama Wealth Management, Piramal Pharma, SBI Cards and Payment Services, TTK Prestige, and Zenotech Laboratories.
